Google announced not long ago that they were going to purchase the company Nest which produces smart thermostats. As of February 7th, Google officially owns the company for $3.2 billion dollars. Google revealed some of their plans for the company in the 10-K filing below.
In January 2014, we entered into an agreement to acquire 100% of Nest Labs, Inc. (Nest), a company whose mission is to reinvent devices in the home such as thermostats and smoke alarms, for a total purchase price of $3.2 billion in cash, subject to adjustments. Prior to this transaction, we had an approximately 12% ownership interest in Nest, which was net against the total consideration. We expect that the acquisition will enhance Google’s suite of products and services and allow Nest to continue to innovate upon devices in the home, making them more useful, intuitive, and thoughtful, and to reach more users in more countries. The transaction closed on February 7, 2014.
Rumors speculated that Google was planning to use Nest as their hardware division which could still happen, but is now more unlikely.